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Understanding Your Loan Estimate: Page 2, Loan Costs

http://videotap.wistia.com/medias/j414pag7a6?embedType=async&videoFoam=true&videoWidth=640 Closing costs are fees paid when the title of the property is transferred to the buyer making them the legal owner. Origination Charges are fees collected by the lender...

Can My Settlement Charges Change?

http://videotap.wistia.com/medias/mjhusccqxj?embedType=async&videoFoam=true&videoWidth=640 Yes, if circumstances change, such as: a natural disaster damages the property or affects closing costs the title insurer providing the estimate goes out of business...

Can Creditors Revise TRID Loan Estimates?

http://videotap.wistia.com/medias/hzg79wd7zq?embedType=async&videoFoam=true&videoWidth=640 Creditors are generally bound by the initial Loan Estimate. They are permitted to provide a revised Loan Estimate only under certain changed circumstances. These include...

What’s Refunded If My Loan Is Higher Than My Estimate?

http://videotap.wistia.com/medias/cby2ogjoed?embedType=async&videoFoam=true&videoWidth=640 If the amount you pay at closing exceeds the amounts disclosed on the Loan Estimate - beyond tolerance limits for each category - the creditor must REFUND the excess to...

Could My Loan Costs Exceed The Loan Estimate?

http://videotap.wistia.com/medias/w1q6ilqbwa?embedType=async&videoFoam=true&videoWidth=640 Yes, within defined limits. Service charges for which YOU shop and select a provider may change; the creditor is NOT responsible for providers who are NOT on their...

What Will The TRID Loan Estimate Tell Me?

http://videotap.wistia.com/medias/j28ajtztar?embedType=async&videoFoam=true&videoWidth=640 The Loan Estimate documents the essential facts and terms of an approved real estate loan. It includes: loan terms projected payments and loan costs cash and costs at...

How Long Must Creditors Keep Real Estate Loan Records?

http://videotap.wistia.com/medias/02snmzupib?embedType=async&videoFoam=true&videoWidth=640 Under the TRID rule, creditors must retain Escrow Cancellation and Partial Payment Policy disclosures for two years; Loan Estimate records for three years after loan...

What Is A ‘Business Day’ For Real Estate Loan Disclosures?

http://videotap.wistia.com/medias/hxt6m8kybw?embedType=async&videoFoam=true&videoWidth=640 “Business day” is defined slightly differently for Loan Estimates and Closing Disclosures. For Loan Estimates, each day on which a creditor’s offices...

Do Creditors Have To Approve TRID Loans In 3 Days?

http://videotap.wistia.com/medias/1oiwzl66bc?embedType=async&videoFoam=true&videoWidth=640 If your loan is approved, on the terms you requested the creditor is required to provide a Loan Estimate within 3 business days. If they determine that your application...

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